Growing Concern with Rising Mortgage Rates

According to Berkshire Hathaway HomeServices’ latest Homeowner Sentiment Survey 60 percent of those surveyed maintain confidence in the U.S. economy while 70 percent view the real estate market favorably.

On the other hand, a growing number of potential homebuyers – particularly millennials – are discouraged by rising mortgage rates and say that it may prevent them from buying a home.

Current rates are still low by historical standards – 4.02 percent for a 30-year fixed loan as of May 18, but 68 percent of millennials feel a growing sense of urgency to purchase a home as they believe that interest rates will continue to increase.

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